New York, USA, Aug. 01, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global humanoid robot market is anticipated to grow at a stunning CAGR of 36.4%, thereby garnering a revenue of $9,630.0 million by 2026. This comprehensive report provides a brief outlook of the current framework of the humanoid robot market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Humanoid Robot Market
Drivers: Since the last few years, rapid advancements in robots for customer engagement has led to an increase in the demand for robots from retail applications. This growth in demand from the retail sector is predicted to be the primary growth driver of the humanoid robot market in the forecast period. Along with this, increase in demand for humanoid robots for personal assistance in daily life is anticipated to boost the growth rate of the market in coming years.
Opportunities: Growing knowledge and awareness regarding technical advancements of humanoid robots is predicted to provide ample growth opportunities to the market in the forecast period. Furthermore, growing demand for humanoid robots from military and defense sector is anticipated to push the market forward.
Restraints: High initial cost of robots, however, expected to become a restraint in the growth of the humanoid robot market.
Get a PDF Sample of the Humanoid Robot Market (Including Tables, TOC, and Figures)
Segments of the Humanoid Robot Market
The report has divided the market into certain segments based on product, application, and region.
Product: Biped Sub-segment to be the Most Dominating
By product, biped sub-segment is expected to have the most dominating market share and is expected to continue on this growth trajectory by 2026. Growing prevalence of biped humanoid robots in construction, production and manufacturing, and other industries has led to an increase in demand for these robots, which is predicted to boost the sub-segment in the forecast period.
Application: Retail Sub-segment to have the Highest Market Share
By application, the retail sub-segment of the humanoid robot market is expected to have the largest market share and gather a substantial revenue by 2026. The growing emphasis of the retail sector to enhance customer engagement by implementation of smart technologies such as humanoid robots is expected to boost the sub-segment in the analysis timeframe.
Region: Humanoid Robot Market in North America Region to be the Most Profitable
By regional analysis, the humanoid robot market in the North America region is anticipated to be the most profitable one by 2026. Presence of large-scale industries belonging to different sectors is predicted to be the primary growth driver of the market in the forecast period. Along with this, the unavailability of human resource and high labor costs are other important factors which are expected to help the market grow in the analysis timeframe.
Prominent Humanoid Robot Market Players
Some of the key players in the global humanoid robot market are
- HYULIM Robot Co., Ltd
- KAWADA Robotics Corporation
- ROBOTIS
- HANSON ROBOTICS LTD
- SoftBank Robotics
- Toshiba Corporation
- Engineered Arts Limited
- Sanbot Co
- Trossen Robotics
- UBTECH Robotics, Inc.
- Honda
- Willow Garage
- Hajime Research Institute, Ltd., among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in December 2020, Hyundai, a South Korean automotive manufacturing company, announced the acquisition of Boston Dynamics, a US-based robotics design company. This acquisition will help Hyundai to cement its place as a leading market player of the humanoid robot industry and will help the company to cater to the demands of the automobile manufacturing industry in a much better way. – Checkout Post COVID-19 Impact on Humanoid Robot Market. Get in touch with our Expert Analyst
Finally, the report also summarizes many crucial aspects of the humanoid robot market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about Humanoid Robot Market:
- Humanoid Robots Industry to Develop At an Alarming Speed by 2026
- How is AI Transforming Humanoid Robots into More Human-Like Creatures?
